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So what: Quarterly revenue fell 3.1% to $21.6 million, which translated to an adjusted net loss of $0.03 per diluted share. Analysts, on average, were expecting a loss of $0.10 per share on sales of $21.18 million.

In addition, Model N now expects fiscal 2014 revenue of $76 million to $80 million, with an adjusted net loss per diluted share in the range of $0.82 and $0.69. By comparison, analysts were modeling a full-year loss of $0.90 per share on sales of $76.07 million.

Now what: CEO Zack Rinat admitted while he's encouraged by the company's progress, he knows "we still have work to do in order to put our recent challenges behind us."

To be sure, the stock still trades well below its $15.50-per-share IPO price and has a long way to go to reclaim last year's highs. And while the company is still losing money with no end in sight, it did end the year with around $92.8 million in cash and minimal debt. I'm not particularly compelled to buy after today's pop, but at the very least I think investors would be wise to add Model N to their watch lists to keep tabs on its progress.

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As a technology and consumer goods specialist for the Fool, Steve looks for responsible businesses that positively shape our lives. Then he invests accordingly. Enjoy his work? Connect with him on Twitter & Facebook so you don't miss a thing.